CIC AGENCY MANAGEMENT UPDATED
SCRIPT 2026 PRACTICE SOLUTIONS
GRADED A+
● Values Statement. Answer: A statement of commonly held core values
that defines the "who" of the organization. It is often used as the
agency's code of conduct
● Vision Statement. Answer: Reflects the long-term goals of the agency
and projects a vision of what the agency aspires to be
● Mission Statement. Answer: A short but powerful statement regarding
the reason an organization exists. It is a "why" statement that states a
companies core purpose and overall goal.
● Major Factors an Agency Should Consider When Evaluating Potential
Insurance Companies. Answer: - financial stability (use a credit rating
agency like AM Best)
- personnel
- products
- commission and compensation / profit sharing opportunities
- company support
- claims paying philosophy
, - upload and download capabilities
● SMART Goal. Answer: Specific, Measurable, Attainable, Realistic,
Timely
● SWOT Analysis. Answer: A situational analysis used to evaluate an
agency's current position by identifying strengths, weaknesses,
opportunities, and threats
● Sources of Agency Growth. Answer: - new business
- acquired revenue growth
- account rounding revenue growth
● Retention Ratio. Answer: Reflects an agency's ability to retain clients
at renewal. Can be calculated in terms of commission, premium, policy,
or client count.
● An Agency's Income Sources. Answer: - contingency income
- commissions
- interest/investment income
- fee income
SCRIPT 2026 PRACTICE SOLUTIONS
GRADED A+
● Values Statement. Answer: A statement of commonly held core values
that defines the "who" of the organization. It is often used as the
agency's code of conduct
● Vision Statement. Answer: Reflects the long-term goals of the agency
and projects a vision of what the agency aspires to be
● Mission Statement. Answer: A short but powerful statement regarding
the reason an organization exists. It is a "why" statement that states a
companies core purpose and overall goal.
● Major Factors an Agency Should Consider When Evaluating Potential
Insurance Companies. Answer: - financial stability (use a credit rating
agency like AM Best)
- personnel
- products
- commission and compensation / profit sharing opportunities
- company support
- claims paying philosophy
, - upload and download capabilities
● SMART Goal. Answer: Specific, Measurable, Attainable, Realistic,
Timely
● SWOT Analysis. Answer: A situational analysis used to evaluate an
agency's current position by identifying strengths, weaknesses,
opportunities, and threats
● Sources of Agency Growth. Answer: - new business
- acquired revenue growth
- account rounding revenue growth
● Retention Ratio. Answer: Reflects an agency's ability to retain clients
at renewal. Can be calculated in terms of commission, premium, policy,
or client count.
● An Agency's Income Sources. Answer: - contingency income
- commissions
- interest/investment income
- fee income
